Should I withdraw from super to pay off my homeloan

[@AboutRetirementTV]

So what do you think, is it better to have your homeloan paid off before retirement or not?

[@aussietaipan8700]

I my book, if you have homeloan at retirement and have the funds to pay it off then do it. Living on a pension while owning your home outright is much easier. If you want extra money then find part time work or investments that grow and pay dividends. I hate debit.

[@janebaker4912]

Working hard to pay off my $410,000 mortgage as fast as i can!!

[@alto1955]

Good advice, retirement is non an easy decision for men must be our nature.

[@AboutRetirementTV]

Hi Carlos, well I am not a man, so cannot comment, but I think the act of retirement, rather than financial planning and set up might be the difficult part you are talking about.

[@jojovilar9652]

Hi Katherine - you mentioned (and I also heard) that some people would leave a mortgage in the bank as 'open' even if they had paid it off. What is the reason / advantage of this tactic - I can think of being able to access money through redraw, but is there any disadvantage of not closing off the mortgage (when it is already paid off)? Thank you!

[@AboutRetirementTV]

Hi Jojo, the main reason is to have access to withdrawal of funds, if the savings balance is low and there is a risk of possible needing cash for living expenses. So rather then organising the reverse mortgage, which can be expensive and stressful, it is easier to leave some access to mortgage withdrawal.

[@jojovilar9652]

@@AboutRetirementTV Thanks for the quick reply, Katherine! Much appreciated.

[@keithwilson1554]

I have taken out all my super as I had many medical episodes stopping me from working whilst still raising a family. Luckily my Partner was able to work so we kept paying our Mortgage and other bills. I invested in Solar so we know have a Electricity Bill in the Black. I'm 2 1/2 years from Retirement age my partner is less than 9 years away from retirement and still contributes to Super and has enough in that Super to pay off the Mortgage with a decent amount left over. Can we withdraw just the amount needed to pay off the Mortgage when she reaches age 60? Or do we have to withdraw the Lot? Also what is the savings amount you can have before it affects your pension? Thank You in Advance.

[@raulp1035]

Hi Katherine, I've been enyoying your videos, very informative. Just wondering, I'm turning 60 in July, past pres age, I want to TTR so I can withdraw tax free 4-10% of this to pay off part of remaining mortgage. 1. Will this affect my age pension entitlement? 2. Any extra cost having TTR account? Thanks, Raul.

[@AboutRetirementTV]

Hi Paul, thanks for watching and thank you for your questions. the answer is simple 1. NO - no impact at all 2. NO if the super fund charges extra, find a new super fund. There might be just a slightly higher admin fees, as TTR is a tiny bit more complex, but generally this difference should be negligible. If your super funds wants to charge lots, just to be in TTR, run away and look for a new fund. 😀 I hope this helps.

[@manuelpinto318]

Thanks enjoy your videos

[@walkingtofi]

Good video. Thank you. I have recently stopped working in my early 50's and still have a $300k mortgage on my home. I have an investment property and a share portfolio which gives me the cash flow. I was thinking of selling down some super after reaching 60yrs old after setting up the pension phase as it is tax free to pay off the loan. Then I could keep my assets for my retirement. Is this possible? ( I don't think I will qualify for the age pension)

[@AboutRetirementTV]

Hi Rob, thank you for your note and watching. Yes, it is possible, however I am not sure if this is actually the best strategy long-term. You will be withdrawing funds from the environment that is going to be fully tax-free for the rest of your life, while leaving shares and property that are taxable as income tax and capital gains tax . I would be tempted to do a good comparison of those options before proceeding with any transaction.